PsiQuantum, which is redeveloping the site of U. S. Steel's former South Works mill, has raised $1 billion to build quantum computers that some are touting as the next big thing in tech.

The Palo Alto-based company is now valued at $7 billion after the round of fundraising that brought in new investors.

PsiQuantum will anchor the Illinois Quantum and Microelectronics Park at the site of the South Works steel mill at the mouth of the Calumet River on Lake Michigan on Chicago's far South Side. The quantum campus at the site of what was once the world's largest steel mill also will include the multimillion-dollar DARPA-Illinois Quantum Proving Ground and ancillary businesses that could harness the power of quantum computing, which can calculate far more advanced probabilities than tradition

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